Stocks Mixed; Dow Closes Above 14,000

NEW YORK ( TheStreet) -- Major U.S. stock averages traded mixed Tuesday as Apple(AAPL) shares tumbled after CEO Tim Cook spoke at a technology conference and investors awaited President Barack Obama's State of the Union address Tuesday night.

Coca-Cola posted fourth-quarter earnings of 45 cents a share, topping estimates by a penny. Revenue came in light at $11.46 billion, below the average analyst estimate of $11.54 billion. Volumes fell in Europe, reflecting the ongoing macroeconomic uncertainty and weak consumer confidence across the region. Shares fell 2.7%.

The S&P 500 was up 2 points, or 0.2%, to 1,519. The Nasdaq was down 6 points, or 0.2%, to 3,186 as Apple shares skidded.

Most sectors in the broader market were in the green, led by capital goods, financials, conglomerates and consumer cyclical shares. Only the technology sector closed in the red.

Volumes totaled 3.38 billion shares on the New York Stock Exchange and 1.78 billion shares on the Nasdaq. Advancers outpaced decliners by a ratio of 1.8-to-1 on the Big Board and 1.6-to-1 on the Nasdaq.

Obama's speech Tuesday night is expected to partly focus on the need for budget reform, as the sequestered spending cuts totaling about $85 billion are scheduled to take effect in just two weeks. There's "little apparent opportunity for compromise before then," according to David Joy, chief market strategist at Ameriprise.

"Should the scheduled cuts take effect, we do not think they will represent a 'game changer' for the U.S. economy, but they will act as a drag and will raise the risk that growth in 2013 will disappoint," said Russ Koesterich, global chief investment strategist at BlackRock, in a note. "As we get closer to the March 1 sequester deadline, we do expect to see higher levels of financial market volatility as investor attention returns to the country's fiscal drama."

The Congressional Budget Office estimated that if the sequester does kick in as scheduled, the budget deficit will shrink this year to $845 billion, or 5.3% of gross domestic product, the smallest since 2008. At the same time, federal debt held by the public will reach 76% of GDP by the end of this fiscal year, the largest share since 1950.